Omar owns a wholesale business supplying computer accessories to retailers in the region. His business's trial balance
Question:
Omar owns a wholesale business supplying computer accessories to retailers in the region. His business's trial balance on 1 November was as follows.
During November 2014 the following transactions occurred.
Prepare the following:
• General journal
• Three-column cash book
• Purchases journal
• Sales journal
• Returns outwards journal
• Returns inwards journal
• Purchases ledger accounts
• Sales ledger accounts
• General ledger accounts
• Trial balance dated 30 November 2014.
Trial balance at 1 November 2014 Dr Cr $ Bank overdraft 1 480 Capital 103 560 Cash 440 Disccunts allowed 1320 Discounts received 1 890 Drawings Furniture and equipment 37 320 180 000 Operating expenses 45 360 Purchases 578 270 Retuns inwards 4 890 Returns outwards 5 130 Sales 732 340 Trade payables LDZ Ltd 4 500 M Chin Ltd 3 200 Trade receivables Oldbridge Retail Unit 2 800 Peterson Stores 1700 852 100 852 100
Step by Step Answer:
General Journal Date Account Title Debit Credit Nov 1 Cash 380 Nov 3 LDZ Ltd 3000 Nov 3 Purchases 4500 Nov 7 Trade Payables LDZ Ltd 3000 Nov 7 Cash 4305 Nov 8 Trade Payables LDZ Ltd 330 Nov 8 Returns ...View the full answer
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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